Rupee closes at 95.15 per US dollar after RBI measures
Business
The Indian rupee climbed to 94.75 against the US dollar today, closing at 95.15, up 13 paise from yesterday.
This jump came after RBI's measures to curb speculation and contain volatility in the forex market, which Amit Pabari, MD, CR Forex Advisors, said has really helped steady things.
Importers' dollar demand caps rupee gains
RBI Governor Sanjay Malhotra explained that their recent moves are meant to keep speculation in check without messing with investment flows.
Still, strong demand for US dollars from importers kept the rupee from rising more, while higher crude oil prices and global tensions pushed government bond yields up to 7.40%.
Markets are now watching economic data closely for what comes next.